logo
  Join        Login             Stock Quote

Deutsche Bank Downgrades Genco Shipping & Trading (GNK) To 'Sell'

 October 19, 2012 03:12 PM
 


(By Balachander) Deutsche Bank analyst Justin Yagerman downgraded his rating on shares of Genco Shipping & Trading Ltd. (NYSE: GNK) to "Sell" from "Hold".

Yagerman wrote that shares have rallied 16.7 percent since Q2 (vs. the S&P 500's 7.0 percent gain) and asset values have declined.

However, the analyst said his current NAV estimate is negative $6/share, down from negative $5/share in August.

"While GNK has ample liquidity to weather a weak 2013, loan repayment waivers expire in 2014 and unless the market materially recovers, liquidity risk will once again return," Yagerman wrote in a note.

[Related -AAPL Drags Nasdaq Lower In Mixed Session]

Yagerman, who has a price target of $2 on the stock, expects the current support for GNK's share price to dissipate moving through Q4 and rates once again decline into 2013.

Genco Shipping & Trading is an international ship owning company based in New York. It transport iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes.

Excluding Baltic Trading's vessels, Genco owns a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize vessels.

Shares of GNK retreated 3.09 percent or 11 cents to trade at $3.45 on Friday. Over the past year, the stock has been trading in the range of $2.09 to $10.12.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageCrude Rebound

Since the price of crude oil broke below $90 per barrel in September, the Brent global benchmark has been read on...

article imageShould You Invest In The Hottest New Trend In Finance?

Thanks to major changes in regulation, social media and technology, the business of banking has undergone read on...

article imageStrong Attractor in Action Pulling S&P 500 Down

The attractor is formed by the 200-day moving average and the 50% Fibonacci retracement of the up move from read on...

article imageIs The Weak Housing Market A Warning Sign For The US Economy?

Today’s US economic releases – housing starts and business survey data for the manufacturing sector – read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Indices Extend Rally
More Articles on: Transportation



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.